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Old 07-09-2011, 10:07 AM
 
Location: Greenville County, SC
275 posts, read 1,549,069 times
Reputation: 193

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Id appreciate comments about the closing costs on a refinance we are considering. My wife and I need to understand if the fees are reasonable or excessive. Total refinance amount is $118,000 and the rate is 4.5%. This interest rate is almost 2% less than our current mortgage. We are going through a mortgage broker and are in South Carolina.

Loan Origination Fee (2%): $2,360.00
Origination Credit (1%): $(1,180.00)
Processing Fees: $495.00
Underwriting Fees: $495.00
Appraisal Fee: $450.00
Credit Report: $15.00
Flood Certification: $16.00
Closing Attorney Fee: $700.00
Title Insurance: $354.00
Recording Fees: $30.00

Total Fees: $3,735.00

Thanks!!!!!!!!!!!!
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Old 07-09-2011, 12:19 PM
 
4,490 posts, read 7,979,912 times
Reputation: 6415
Looks normal.
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Old 07-10-2011, 01:23 PM
 
Location: MID ATLANTIC
7,614 posts, read 17,708,635 times
Reputation: 8112
Looks like it's in line. There are a few missing details, but even if they were answered, I would still say the same. Other factors that can impact your fees/rate: loan-to-value, credit score, type of property.

Remember, your appraised value can also change your rate/point combination - it depends on the type of loan. That and your payoff are the final missing pieces to the puzzle.

But if your rate is in the six's, keep on heading to that closing table.
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Old 07-10-2011, 05:16 PM
 
Location: Greenville County, SC
275 posts, read 1,549,069 times
Reputation: 193
Thanks, I appreciate the help. Loan to value won't be an issue. The house (single family) should appraise for about $400K. Our credit scores are all in the 800's, so that's not an issue either. The loan payoff is about $116K and we'll write a check for the closing costs not covered by the refi.

Thanks again!
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Old 07-12-2011, 07:12 AM
 
Location: Plano, Texas
1,676 posts, read 6,347,557 times
Reputation: 684
Is this a 30 year mortgage? If so, than looks good. If a shorter term, your rate should be lower.
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Old 07-12-2011, 08:49 PM
 
Location: Greenville County, SC
275 posts, read 1,549,069 times
Reputation: 193
Its a 30 year mortgage. We actually locked in the 4.5% rate on Monday and rates were a little better so the origination credit improved to about $1,800. Also, the appraisal will only cost $385.

I'm happy!!
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